1071 Repeal to Protect Small Business Lending Act
1071 Repeal to Protect Small Business Lending Act
Plain Language Summary
# Summary of HR 976: 1071 Repeal to Protect Small Business Lending Act **What the bill would do:** This bill would eliminate a federal requirement that banks and other financial institutions collect detailed data about small business loan applications. Currently, these institutions must report information to the Consumer Financial Protection Bureau (CFPB) about loan applications—including how many were received, whether they were approved or denied, loan amounts, and demographic information about applicants (such as race, sex, and ethnicity). If passed, banks would no longer have to gather or submit this data. **Who it affects:** The bill primarily affects banks and financial institutions (which would no longer need to compile this information), small business owners seeking loans, and government agencies that use the data.
The data collection requirement was designed to help regulators and researchers identify potential lending discrimination patterns. **Current status:** The bill is currently in committee and has not yet been voted on by the full House. It was introduced by Representative Roger Williams (R-TX) in the 119th Congress.
CRS Official Summary
1071 Repeal to Protect Small Business Lending ActThis bill repeals the statute that requires financial institutions to collect data regarding applications for women-owned, minority-owned, or small business loans. Currently, financial institutions must collect and report to the Consumer Financial Protection Bureau information on (1) how many applications were received; (2) the disposition of each application; (3) the type of loan; (4) the amount applied for; (5) the amount approved; and (6) each applicant’s census tract, revenue, race, sex, and ethnicity.
Latest Action
Placed on the Union Calendar, Calendar No. 65.